Thailand : No need for South African exporters to panic

Fears for the economy of Thailand have abated somewhat as calm has returned to the country and military leaders set out the timetable for return to civilian rule.

Whilst credit ratings firms have warned of possible downgrades in the aftermath of the coup, Credit Guarantee (CGIC) SAs leading insurer of export debtors says that at this point, they are maintaining their cover on Thailand

"But we are monitoring developments in that country very carefully," says Ismail Dadabhay, General Manager of CGICs Export Division. "The coup does not seem to have affected trade at this early stage, so there does not appear to be any reason for a knee-jerk reaction and to limit and withdraw credit limits granted to South African exporters."

About Credit Guarantee:
Credit Guarantee Insurance Corporation of Africa Limited, registered in 1956, is the largest (by premium income) and leading (80% market share) South African underwriting company operating in the field of debtors insurance. Credit Guarantee is a subsidiary of listed company, Mutual & Federal which owns 51% of the company, ultimately making it part of the Old Mutual Group.

Credit Guarantee's major business is the insurance of domestic (local) and export payment risks where its client companies sell to other companies on credit terms.

Credit Guarantees unique strength lies in its ability to secure a vast store of confidential information and market intelligence from a network of contacts and to interpret this data to support the business of its clients - in both local and international markets.

It is ISO 9001/2000 compliant across all aspects of its operations and sports an AA+ (double A plus) rating from Global Credit Ratings Company.